Innovation in the Real Estate Business
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Abstract
This article aims to study the concept of innovation in the real estate business through an analysis and
review of the data from secondary academic sources and 410 real estate projects, sourced from the internet,
by the top 10 developers in 2010. It also attempts to point out the various aspects of innovation in the real
estate business, both in housing and high-rise building projects. The results reflected that concept of ‘innovation’
has been extensively applied to both process and product innovation, encompassing a range of aspects including
function, service, design and construction technology, and facilities. In summary, product innovation is very
important for creating market opportunities for developers, while process innovation gives added support to
product innovation and the improvement of the productivity of an organization. Furthermore, the Innovation
concept provides substantial benefits, especially to small and medium development firms, in developing a niche
market.
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